Price continues to wade beneath the $9k zone of resistance.
Resistances - The $9k level of resistance remains intact, although price has reached it multiple times at this point.
Supports (same situation as yesterday) - Below current price we have a zone of confluent support at $8.6k created by previous price action and the .786 fib level. Should we fall below $8.6k there is a stronger zone of support around $8.4-8.3k
Moving Averages - Speaking of support, the 50 MA on the 4H is also in confluence with our zone at $8.4-8.3k. This gives us added confidence that if price were to make it back down to this level, it would likely provide enough strength for a bounce, at the very least. Also of note, is the 200 EMA which is now lined up with our horizontal level at $8.6k, adding confidence to this zone of support.
Ichimoku Cloud (same situation as yesterday) - As stated throughout the week, the 1D kijun at $9k was our target using cloud metrics, which was hit and is now acting as a strong level of resistance. Should we break above that we would then look for an entry into the 1D cloud and up towards the opposite edge. The kijun mission comes first, though
Oscillators - On a larger time frame the weekly Stoch and Stoch RSI oscillators are crossing out of their oversold territories and upwards with a lot of room to grow. This supports the move upwards and provides an argument for the potential of continued growth
Conclusion
The $9k zone remains a pivotal level for Bitcoin. Larger time frame oscillators (Daily and Weekly) show bullish signs whilst price ranges right below resistance. Support is building below price giving us no reason to fear a dip in price should we see it fall back to the lower $8000's before we break above $9k
Twitter & Telegram: @BoomerCapital
Web: boomerangcapital.org
Resistances - The $9k level of resistance remains intact, although price has reached it multiple times at this point.
Supports (same situation as yesterday) - Below current price we have a zone of confluent support at $8.6k created by previous price action and the .786 fib level. Should we fall below $8.6k there is a stronger zone of support around $8.4-8.3k
Moving Averages - Speaking of support, the 50 MA on the 4H is also in confluence with our zone at $8.4-8.3k. This gives us added confidence that if price were to make it back down to this level, it would likely provide enough strength for a bounce, at the very least. Also of note, is the 200 EMA which is now lined up with our horizontal level at $8.6k, adding confidence to this zone of support.
Ichimoku Cloud (same situation as yesterday) - As stated throughout the week, the 1D kijun at $9k was our target using cloud metrics, which was hit and is now acting as a strong level of resistance. Should we break above that we would then look for an entry into the 1D cloud and up towards the opposite edge. The kijun mission comes first, though
Oscillators - On a larger time frame the weekly Stoch and Stoch RSI oscillators are crossing out of their oversold territories and upwards with a lot of room to grow. This supports the move upwards and provides an argument for the potential of continued growth
Conclusion
The $9k zone remains a pivotal level for Bitcoin. Larger time frame oscillators (Daily and Weekly) show bullish signs whilst price ranges right below resistance. Support is building below price giving us no reason to fear a dip in price should we see it fall back to the lower $8000's before we break above $9k
Twitter & Telegram: @BoomerCapital
Web: boomerangcapital.org
So far so good! Hoping to get a rising rate. Bitcoin is getting more better. So, since that the trending is up. A lot of people recently invest for them no to lose this kind of opportunity to earn. Even my friends, they are adding more money to invest in bitcoin.